Swiftbonds Now Offering Performance Bond
Service For New York
April 10, 2019
Swiftbonds LLC, announces it is now offering performance bonds in the state of New York for its
clients. The company is a leading provider of surety bonds for the construction industry in the US and
is licensed in all fifty states. Swiftbonds is a surety brokerage and is familiar with the construction
industry in New York and offers contractors and businesses all ranges of performance bonds as well
as other types of surety. Read full article here: https://swiftbonds.com/news/performance-bondservices-in-new-york/.
Performance Surety Bonds are referred to as a three-party agreement between the principal, the
obliged and the surety company. The principal is the employer or company that will carry out the work
detailed in the contract and the obliged, or obligee, is referred to as the project owner. Construction
companies will almost always be required by law to get performance bonds when they are chosen for
a public project. The government entity (federal, state or municipality) requires a construction
company to get a host of bonds before they start work on a particular project. The bond will guarantee
that the subcontractors and other workers would be paid even if the contractor will default. The
contractor covers the losses, but once they reached their limit, the duty will fall to the surety company.
Swiftbonds works with surety bond underwriters in New York, as well as the bigger, national surety
underwriting companies. It should be noted that all city/state public works projects and private
projects need to have contract surety bonds. The first step for getting such a bond is the bid bond,
which is usually, but not always 10 percent of the project. Swiftbonds is capable of working within time
constraints to have the bonds issued as fast as possible in order for contractors to be able to win and
accept projects.
If the bid on a contract is won, a performance bond is provided to guarantee that a project will be
completed according to the specifications and plans. In the event that
the project is not completed or if it has been determined
as being unacceptable, it is the performance bond that will allow the surety bond company to hire a
contractor to complete the project properly or settle for damages. Performance bonds can protect
both the project and the contractor. When there is a performance bond, the client can file claim on the
bond in case the contractor failed to finish the project. If the contractor is unable to complete the
project because of financial losses or bankruptcy, the company that issued the surety bond pays the
client for any losses.
Meanwhile, Swiftbonds can also help with other bonds, such as payment bonds and SBA bonds.
Payment bonds are used to guarantee that unpaid bills will be paid up to the bond amount. This is
needed for public projects amounting to more than $25,000. The SBA bond can help contractors who
have a difficult time getting a performance bond or a bid bond.
Gary Eastman, managing director and senior bond specialist of Swiftbonds said: "We are pleased to
be offering this performance bond service to our clients in New York. State licensing and regulations
differ and we are now fully compliant and licensed within the state."
Swiftbonds is committed to offering a personalized approach when creating policies for its clients.
Those who want to know more about the services available from Swiftbonds can visit the company
website here: https://swiftbonds.com/performance-bond/new-york/.
For other surety bond news see https://www.pressadvantage.com/story/26559-swiftbonds-offeringnew-bid-bond-service-in-california.
Source: http://www.pressadvantage.com/story/26969-swiftbonds-now-offering-performance-bondservice-for-new-york